TAXATION: A New Schedule

For an
entire week the Senate labored over the tax reduction. When the surtax
schedules were reached, it was expected that several days would
be spent in debate. Instead, after only one day, the Democrats forced a
vote and supplanted the Mellon rates by the rates proposed by Senator
Simmons, North Carolina, Democrat (surtaxes beginning at 10% on $10,000
increasing to 40% at $500,000; normal tax 2% up to $4,000, 4% from
$4,000 to $8,000, 6% above $8,000). The vote on the Simmons plan was
43-40 for the surtaxes and 44-37 on the...